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one of the nice surprises from doing the chair dips is that it also stretches the calves! if you keep your legs and back straight as CA says to do, you can feel it stretching your calf.
i used to do that typical walker's stretch- leaning against a post with one leg bent and the other straight to stretch the calf muscles, and i used to feel a good stretch when doing that. NOW, that same exercise feels like NOTHING AT ALL, thanks to the dips exercise. the back of my leg is totally LOOSE!

The dips benefit the pectoral, latissumus dorsi, deltoids, and triceps muscles, and to a lesser extent, the abdominal, biceps, and trapezius muscles, and it will stretch the calves.

Dips or pushups also strenghten your wrists. Pushups are pretty close to being a total body exercise. Do pushups along with deep knee bends and situps, and you just about have everything covered. These are the exercises that Mr. Atlas did, even at age 75 and beyond. In a video he stated that he did 50 deep knee bends, 100 situps, and 300 pushups daily, and his measurements at age 75 were almost identical with his measurements in his 30's. The Atlas Course is truly a gem, as the basic course builds a great foundation, and the Perpetual Lesson will keep you fit for life.